I'd be in favor of this applied federally and being based on amount (percent, not dollar) of property taxes paid on the property even though it would hurt me personally.

Non-residents cannot hold governments accountable (by voting) for how they use the money which allows the towns to side step one of the core principals of democracy (not to mention that non residents don't have as good information on which to evaluate the performance of local government since many local issues will not affect non-residents). I would have no problem taxing people who enable this by having income or vacation properties in towns they don't live and taxing local property owners who vote for the people who do it.